United States Treasury Secretary Steven Mnuchin has confirmed that Americans could see $600 stimulus checks as soon as next week. The funds are part of a $900 million virus relief package that lawmakers agreed on last night; final votes will be tallied today ahead of a midnight deadline.
“There are still parts of the economy that are particularly hard hit,” Mnuchin said during an appearance on CNBC. “I think this will take us through the recovery. This is a large bill and has a little bit of everything for everybody.”
“The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week,” he said. “People go out and spend this money and that helps small business and that helps getting more people back to work. So it’s very fast, it’s money that gets recirculated in the economy.”
Democrats have argued that Congress will need to approve more stimulus in the coming months as the coronavirus pandemic continues to wreak havoc on the economy. Regardless, House Speaker Nancy Pelosi called the measure “an important initial step” in a letter to Democrats yesterday.
The $900 billion relief bill includes provisions similar to those that were in the CARES Act, the $2.2 million relief legislation that passed in March.
Individuals will receive $600 in direct payments. The payments decrease for those who made more than $75,000 in 2019 and those who made more than $99,000 in 2019 won’t receive funds at all. The bill also includes a $300 unemployment boost, half the unemployment boost provided by the CARES Act.
Alan is a writer, editor, and news junkie based in New York.